2005
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The Palm 10 year wait
Investors in the Palm Deira are being given the chance to cancel their investments, or transfer to another development, after Nakheel announced a minimum ten-year wait until completion. Acccording to a company statement, the reclamation itself may take at least six years.
Dubai buys $100m German mall
Dubai Investment Group, part of Dubai Holding, has purchased the Hansecenter outside the Baltic port city of Rostock for $100m. This is one of the largest shopping centres in Northern Germany with a retail floor space of 530,000 sqft and 2,500 car parking spaces, reported Frankfurter Allgemeine.
$178m Bahrain reclamation job
Dutch dredging groups Koninklijke Boskalis Westminster and Van Oord have jointly won a $178m land reclamation contract for 10 islands in Bahrain over 24 months. The North Bahrain New Town project will reduce pressure on housing in the northern part of Bahrain.
Mobius notes Dubai oversupply
Templeton Asset Management guru Mark Mobius told Gulf News that Dubai's property boom had been a great attraction to investors. But he noted that you do not need to be a rocket scientist to realise that there is going to be an oversupply here, unless you are going to have immigration on a massive scale.
ACC, $170m Pearl-Qatar project
ACC has won a $170m deal from United Development Company to build 26-storey residential towers, townhouses and retail units on two parcels of land in the Porto Arabia district, Pearl-Qatar. Construction will start in January 2006 and is expected to take 20 months.
EIB, Emaar finance arrangement
Emirates Islamic Bank is now offering sharia-compliant finance for properties developed by Emaar, under the terms of an agreement. EIB has three home finance products: its SmartHome scheme for fixed rates; HomeLease for floating rates; and HomeInvest for refinancing options.
Qatar's $5bn Lusail development
Qatar has unveiled plans for its $5bn Lusail project, which will be built over 35 sq km and eventually provide accommodation for up to 200,000 people. The development will have two marinas, residential areas, commercial districts and leisure facilities, including two golf courses and an entertainment district. It will be built in phases with the whole project slated for completion by 2010.
Landlords ignore rent laws
Some Dubai landlords are flouting laws which specify a ceiling of 15% on rent rises by devising new ways to exploit tenants, according to Gulf News. Some tenants say they are being offered so called "non-renewable contracts", and are being pressured to pay higher rents after being accused of sub-letting premises, or being told the premises are under new ownership.
Emaar, $26.6bn Saudi city
Emaar Properties and the Saudi government have announced plans for a massive $26.6bn residential and commercial complex near Jeddah to be called King Abdullah Economic City. It will have six components: a seaport, industrial district, financial island, education zone, resorts and a residential Area. The project is the single largest private sector investment in Saudi Arabia, according to Emaar officials.
Mada'in Real Estate launched
The UAE-based Ahmed Ramadhan Juma Group and Kuwait-based Gulf Investment House have set up a sharia-compliant real estate group called Mada'in Real Estate Company, headquartered in Dubai. GIH and Kuwaiti investors will have a 49% stake, and ARJ and its partners will hold a 51% stake in the company with a paid-up capital of $136.13m.
UP, ADCB mortgage deal
Union Properties has signed on Abu Dhabi Commercial Bank to offer home loans for property purchases in its Uptown Mirdiff development. Mortgages have a repayment period of up to 25 years and come with a flexible range of interest rates.
DDF to build hotel
Dubai Duty Free is planning to build a $68m five-star hotel at the Aviation Club, according to MD Colm McLoughlin quoted in Gulf News. The hotel will have 247 rooms and is likely to open in 2007. Guests will have access to facilities at the Aviation Club which hosts the annual Dubai Tennis Championships.
ETA Star launches The Centrium
ETA Star has opened sales for The Centrium, a residential project located at the International Media Production Zone. The development consists of four interconnected towers, each with one, two and three bedroom apartments, with prices ranging from $155,217 to $300,000. Up to 95% financing is available through Tamweel.
RAK gets new container terminal
Kuwait-based KGL Ports International is developing a container terminal at Mina Saqr Port in Ras Al Khaimah with a capacity of 300,000 TEUs, according to Gulf News. KGL has signed $45m deal with the Ras Al Khaimah government to run the terminal for 21 years.
Rental property at Emirates Hills
Tameer Holding is building new residential units, which it will offer for rent only, in its $13.6m Al Shahd tower at Emirates Hills in Dubai. The 17-storey tower has a total of 168 studio, one and two bedroom apartments. It is due to be completed by March 2007.
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